IRS Penalties for Late Filing and Late Payment | Nationwide Tax Consulting
April 15 was the last date for most U.S. Citizens, but individuals from Maine or Massachusetts should file their taxes by today on April 17, 2019. Individuals who will fail to file or pay taxes by the deadline, by the law, IRS will access penalties. So consider to file and pay your taxes on time with help from Nationwide Tax Consulting to avoid any additional charges and penalties.
Here we are sharing eight essential points for late filing and paying:
1. A failure-to-file penalty may apply if you will not file the taxes by the tax filing deadline and A failure-to-pay penalty may apply if you will pay the taxes you owe by the tax filing deadline.
2. The failure-to-file penalty is generally more than failure-to-pay, and you should file your taxes each year on time, even if you can pay the amount you owe. You may reduce the additional interest and penalties by paying as much as you can with your tax return. You can go with other options such as getting a loan or can also go with an installment agreement, and the IRS will work with you.
3. The penalty for late filing is 5% of the unpaid tax for each month or part of the month that tax return is late. The penalty starts from the next day of tax filing due date and will not exceed 25% of your unpaid taxes.
4. If you do not pay your taxes by the deadline, you will face failure-to-pay penalty of ½ of 1 percent of your unpaid taxes, each month or part of the month.
5. If you have timely request an extension of time of life to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a failure-to-pay penalty. However, you must pay any remaining balance by the extended due date.
6. If both the 5 percent failure-to-file penalty and the ½ percent failure-to-pay penalties apply in any month, the maximum penalty that you’ll pay for both is 5 percent.
7. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
8. You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time.
Consider filing your taxes on time and take help from tax professionals from Nationwide Tax Consulting. Even, if you are not able to pay the amount you owe, we can negotiate with IRS and can apply for offer-in-compromise to reduce the tax amount, or we can at least get you installment agreement so you can comfortably pay your taxes.
Here we are sharing eight essential points for late filing and paying:
1. A failure-to-file penalty may apply if you will not file the taxes by the tax filing deadline and A failure-to-pay penalty may apply if you will pay the taxes you owe by the tax filing deadline.
2. The failure-to-file penalty is generally more than failure-to-pay, and you should file your taxes each year on time, even if you can pay the amount you owe. You may reduce the additional interest and penalties by paying as much as you can with your tax return. You can go with other options such as getting a loan or can also go with an installment agreement, and the IRS will work with you.
3. The penalty for late filing is 5% of the unpaid tax for each month or part of the month that tax return is late. The penalty starts from the next day of tax filing due date and will not exceed 25% of your unpaid taxes.
4. If you do not pay your taxes by the deadline, you will face failure-to-pay penalty of ½ of 1 percent of your unpaid taxes, each month or part of the month.
5. If you have timely request an extension of time of life to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a failure-to-pay penalty. However, you must pay any remaining balance by the extended due date.
6. If both the 5 percent failure-to-file penalty and the ½ percent failure-to-pay penalties apply in any month, the maximum penalty that you’ll pay for both is 5 percent.
7. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
8. You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time.
Consider filing your taxes on time and take help from tax professionals from Nationwide Tax Consulting. Even, if you are not able to pay the amount you owe, we can negotiate with IRS and can apply for offer-in-compromise to reduce the tax amount, or we can at least get you installment agreement so you can comfortably pay your taxes.
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